Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 56.5bn, rose 20.5bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from lower gross profit and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.02x
- P/B
- 1.83x
- EPS
- 3,442
- BVPS
- 41,501
- ROE
- 8.5%
- ROA
- 6.5%
- Market price
- 75,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HHC posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — earnings have been recovering gradually over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Financial income
- Gross profit
- Finance costs
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 86.7 | 168.1 | 260.9 | 157.4 | 117.2 | 164.0 | 274.5 | 160.1 |
| LNST | -1.7 | 18.6 | 30.1 | 9.4 | 0.6 | 9.2 | 13.4 | 12.9 |
| Net margin | -1.93% | 11.09% | 11.55% | 6.00% | 0.49% | 5.59% | 4.87% | 8.06% |
Revenue
87bnNet income
-2bnNet margin
-1.93%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 6.0% year on year — but the quarterly pace is slowing (−2% → −26%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 673bn −6.0%
- Latest quarter YoY
- −26% slowing
What is driving the margin?
▲▲Net margin expanded to 8.40%, rising 3.4pp. Core operating signals are improving as SG&A / Revenue fell 4.5pp are enough to offset pressure from Gross margin fell 0.5pp (with additional support from Net financial result / Revenue rose 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.40% +3.4pp
- Gross Margin
- 21.66% −0.5pp
- SG&A / Revenue
- 15.70% −4.5pp
- Non-core / Revenue
- 4.64% +0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (46.3% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -18.1bn against investing cash flow of 28.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +10.8bn. Financing cash flow was negative +18.0bn.
CFO / net income was −2,51 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 46.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +45.0%, other profit at +1.3% of PBT.
- Non-core / PBT
- 46.3% high
- Net financial / PBT
- 45.0%
- Other profit / PBT
- 1.3%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.2 days versus the same period last year. The main moves came from DIO fell 5.0 days, DSO rose 2.5 days, and DPO fell 2.7 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +2.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 5.7% to 8.5% — driven by net margin and asset turnover together, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.12x and interest coverage at 6.74x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 4.2% of debt, and total debt stands at 82.6bn.
- Net Debt / Equity
- 0.12x −0.11x
- Interest Coverage
- 6.74x −0.87x
- Cash / Debt
- 4.2% −5.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 4.2%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.48x equity, net debt at 0.12x equity.
None
Over the last 12 months, working capital absorbed 166.3bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 3.4 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 45.0%. The residual risk still sits in leverage and liquidity, with interest coverage at 6.74x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.40% after expanding 3.4pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 45.0% of PBT and CFO / net income currently at −2.51x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.12x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −6,0% YoY decline or keeps falling.
Whether margins hold around the current 8.40% level or narrow again.
Whether operating cash flow holds its -18.1bn (cumulative for 2025) level in upcoming periods or weakens.
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